Episode 149: Partners in Practice Series Part I: Partnership Agreements 101 (with Dan Mayer & David Yood) Artwork

Therapy For Your Money

Welcome to Therapy for your Money, a podcast about all things money and finance for private practice owners! If you are ready to feel confident and in-control of your financial life, then you are in the right spot. Therapy for our Money is hosted by Julie Herres, the CEO and Founder of GreenOak Accounting. She and her firm specialize in working with private practice owners across the United States, and have assisted hundreds of private practices with increasing their financial stability and profitability. She is on a mission to share her best practices she's learned along the way through her successful career as an accountant, discusses financial topics with a wide variety of guests, and help her listeners make data driven decisions to help their businesses.

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Therapy For Your Money

Episode 149: Partners in Practice Series Part I: Partnership Agreements 101 (with Dan Mayer & David Yood)

October 04, 2024 • Julie Herres

Navigating Partnerships in Private Therapy Practices

In this episode of 'Therapy for Your Money,' host Julie Herres discusses the intricacies of partnerships in therapy practices with attorney Dan Mayer and practice owner Dave Yood. They explore the importance of having a well-crafted partnership agreement, key elements that need to be included, and potential sources of friction among partners. Dan and Dave share their experiences and share the key ingredients to maintaining successful partnerships.

Episode Highlights

00:00 Introduction to Therapy for Your Money
00:49 Today's Topic: Partnerships
01:26 Meet the Guests: Dan Mayer and Dave
01:31 Dan Mayer's Expertise in Mental Health Practices
02:36 Dave's Journey in Forming a Partnership
04:12 The Importance of Partnership Agreements
07:27 Key Elements of a Partnership Agreement
10:46 Legal and Tax Considerations
16:18 Dave's Experience and Advice on Partnerships
17:06 Navigating Partnership Agreements
18:20 Tax Challenges and Solutions
18:56 The 'Eat What You Kill' Model
19:30 Avoiding Partnership Conflicts
20:44 Handling Partner Exits and Deaths
24:05 Importance of Clear Rules and Roles
27:42 Final Thoughts on Partnerships
31:23 Where to Find Us

Links and Resources
Protecting Your Practice - https://www.protectingyourpractice.com/

GreenOak Accounting - www.GreenOakAccounting.com

Therapy For Your Money Podcast - www.TherapyForYourMoney.com

Profit First for Therapists - www.ProfitFirstForTherapists.com

Profit First Academy - www.ProfitFirstForTherapists.com/Academy

Podcast Production and Show Notes by Course Creation Studio

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